Tag: web3

IIT-Madras Begins Draft Work on ‘Metaverse India Policy and Standards’ with Industry Veterans

The metaverse market, that is expected to grow at an annual rate of 37.7 percent in the next six years, is estimated to reach the valuation of $74.4 billion (roughly Rs. 6,20,918 crore) by the end of 2024. Gearing up to withstand the force of advancements in Web3, IIT Madras has begun drafting policies to oversee the metaverse sector. Called the XTIC (the eXperiential Technology Innovation Centre), a research and development body incubated by the IIT-M, has begun work around something called the ‘Metaverse India Policy and Standards (MIPS)’.

The XTIC has established a dedicated committee to conduct research around the predictable use cases and loopholes in the current metaverse ecosystem. The committee will address the technical and ethical shortcomings to make the industrial use of this digital technology safer and more advanced.

Rrahul Sethi, a veteran from India’s tech space who recently launched a metaverse experience centre in NCR’s Noida, is part of this committee. In conversation with Gadgets360, Sethi noted that the MIPS will not curate policies and standards around the metaverse on its own, but will collaborate with industry players, conduct dialogues, and publish reports for the government to refer to while centrally deploying Web3-related policies.

“The metaverse is a rapidly evolving concept. Experts and leaders from across India and from other parts of the world will join in here collectively to discuss these standards and create awareness around them,” Sethi said.

A fully-functional virtual universe, the metaverse ecosystem is built on blockchain networks. The technology offers a hyper-realistic virtual ecosystem where people can work, socialise, play games, and window shop from the comfort of their homes.

In a recently released report, the World Economic Forum (WEF) said that 92 percent manufacturing firms in the US are already exploring ways to add a metaverse twist to their existing business operations.

“The industrial metaverse, is projected to be a $100 billion (roughly Rs. 8,29,018 crore) market globally by 2030. The metaverse will propel the next phase of industrial revolution through the convergence of digital twins, a core building block of the industrial metaverse, and four rapidly evolving fields – spatial computing, Artificial Intelligence (AI), Web3, and blockchain,” the report had said at the time.

Now that IIT-M has kickstarted the process of drafting rules to oversee the Web3 sector, the committee will analyse the potential impacts of metaverse across sectors including education, healthcare, gaming, and enterprise, and propose strategies to maximise benefits.

Addressing ethical, privacy, and security issues linked to metaverse and collaborating with stakeholders from industry, academia, and government to gather diverse perspectives and insights are part of the committee’s agenda.

“These are major outcome goals but we are still deliberating on more. Government bodies will also use the reports to set standards,” Sethi added.

Back in January, China also formed a body that would set the standards for use and exploration of metaverse there.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bharat Web3 Association Teams Up With Japan’s JADA to Boost Sector Growth

The Web3 sector is witnessing a rapid expansion globally, as clusters of countries are collectively (as well as independently) setting guidelines and legal frameworks to regulate the sector. In a bid to explore ways to grow the Web3 ecosystem in Asia, Web3 support groups from India and Japan have decided to team up to boost growth in the sector. India’s Bharat Web3 Association (BWA) has struck a partnership deal with the Japan ANICANA Dealers Association (JADA) will now work together to foray deeper into Web3-related research and development.

This week, the BWA and the JADA signed a memorandum of understanding (MoU). Under this agreement, the organisations will embark on joint Web3 initiatives around cryptocurrencies, metaverse, non-fungible tokens (NFTs), advanced gaming ecosystems, and blockchains.

“We hope to exchange insights on use cases, manage risks through regulatory frameworks, and develop policies while sharing compliance best practices,” Dilip Chenoy, Chairperson, Bharat Web3 Association said in a prepared statement.

Both, India and Japan, have already been making strides in the Web3 arena. As per a recent report by Hashed Emergent, India has emerged as a lucrative location for Web3 activities. With over a thousand startups already having been founded in the sector, India currently holds 12 percent of global blockchain developers. The report also noted that India has claimed the top spot for on-chain adoption in 2023, ahead of 150 other countries and boasting over 35 million trading accounts on top Indian exchanges.

Web3 technology in Japan is also expected to grow, and prime minister Fumio Kishida is said to have adopted a friendly stance towards Web3 technology. Last year, the Japanese premier reportedly stated he would help to ffoster the technology with more Web3 promotion policies.

The areas of blockchain gaming and blockchain use cases are seen as major propellers driving the Web3 revolution in Asia, according to market experts.

Bitget, a crypto exchange, launched a $100 million fund pool for Web3 growth and development in April 2023. Other firms like Alibaba Cloud and Near Foundation are also working on growing these technologies in Asia.

With several industry players betting big on Web3 expansion in Asia, industry bodies like the BWA and the JADA are aiming to boost research and development in the Web3 sector. “Our goal is to conduct research, surveys, and provide development support for businesses and products, contributing to the healthy development of the industry and the protection of users. We place great importance on establishing and guiding self-regulation, rules, and guidelines necessary to ensure proper operation,” said Keiko Tanaka, Chairperson, Japan ANICANA Dealers Association in a prepared statement.

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Small Crypto Players in Dubai to Get Benefits from VARA Regulators: Details

Dubai, that has emerged as a hotspot for crypto activities, is taking a new approach to inject power and support into smaller Web3 players. VARA, the Web3 regulatory body of Dubai wishes to make the operational and compliance process for small players more cost effective. Figuring out a way to manage and reduce compliance costs for bootstrapped and emerging entities working around crypto, metaverse, blockchain, or NFTs, at this point, is among the top priorities for VARA in Dubai.

Matthew White, the CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), was recently speaking at the Paris Blockchain Week. During his speech White said that there is still scope for improvement in Dubai’s crypto laws.

As per White, several methods are being considered in Dubai to take some burden off smaller Web3 businesses. Giving an example of a potential solution, White said, bigger and more established Web3 players could perhaps ‘host’ the smaller entities. Through this, the larger party could bear some expenses of the smaller party, while utilising to their advantage, the resources or initiatives that these dependent firms are working on.

“(In this system), the cost of compliance is borne by the larger systemic players, and this allows the smaller players to come into the ecosystem, be regulated, but also not have to suffer the same sort of level of costs of compliance that we’ve got,” the CEO of VARA said.

In March 2022, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum officially brought VARA into existence to oversee the growth, development, and safety of the Web3 sector. All Web3 players looking to set up shops in Dubai are mandated to identify themselves with VARA. Since its inception two years ago, VARA claims to have maintained constant discussions with Web3 players — trying to understand which form of industry structure would make business operations most fruitful.

In order to make it accessible for industry players around the world, VARA also established a digital headquarter in The Sandbox metaverse.

In November last year, the UAE also rolled-out a guidance manual for virtual assets services providers (VASPs) to outline information about compliance requirements for Web3 firms as well as potential punishments for disobedience. According to the Crypto Oasis Ecosystem report, there are already more than 1,800 organizations employing 8,650 people across the digital asset industry in the Middle East and North Africa.

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Samsung Partners With Wilder World Metaverse Game, Will Offer NFT Rewards as Part of Web3 TV Bundle

Samsung, the South Korean tech giant, has been taking small steps to engage with Web3 without directly exposing its massive user base to volatile digital assets. In a fresh development, Samsung has announced a partnership with metaverse game Wilder World. Through this partnership, Wilder World will provide NFT rewards to fifteen customers of Samsung’s exclusive Web3 TV bundle. This deal, for Wilder World, will offer the game inroads into millions of houses through Samsung’s smart televisions.

A free-to-roam metaverse ecosystem, Wilder World is primarily a competitive racing game that launched for alpha testing in December 2023 and will begin a wider rollout this year. The team behind the game announced its partnership with Samsung via an official post on X on Wednesday.

In Samsung’s next sale of exclusive Web3 TV bundles, fifteen select buyers will get Wilder World NFTs as rewards. Through this partnership, the metaverse game expects to add new players to its ecosystem.

Samsung, catching up with the advancements in emerging technologies, is essentially looking to connect with a newer generation of customers. The Seoul-based company is hence integrating Web3 elements like the metaverse and NFTs with its newer range of products.

Samsung has long maintained its lead in the television market. In 2023, the company reportedly occupied a 30.1 percent market share of televisions sold globally, which was slightly higher than the previous year’s 29.7 percent. With its new initiatives, Samsung could directly bring Web3 technologies to its vast user base.

This is not the first time that the tech mammoth has taken a Web3-friendly approach. In April 2023, for instance, Samsung teamed up with Crypto.com to bring asset trading services on devices from the Galaxy Z fold series.

In 2022, Samsung tied up with partners Theta Labs and Nifty Gateway to get NFTs to its smart TV and smartphone ecosystems.

In fact, the same year Samsung introduced the world’s first TV-based NFT explorer. Later that year, the company started rolling out smart TV models that came with features like NFT buying and management.

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New Zealand Commerce Minister Warns Leaders on Being Slow in Crypto Exploration

New Zealand’s ministry of commerce and consumer affairs have warned the country leaders against keeping a slow approach on cryptocurrencies. In a recent development, minister Andrew Bayly has asked the Australian government to finalise its stance on crypto before it’s too late. This is the time that the crypto sector is just setting its roots in friendly countries and ushering job as well as business opportunities there. In places like the UK, the UAE, the US, South Korea, and India, the Web3 sector is being rapidly adopted.

Bayly, the minister of commerce and consumer affairs in New Zealand has expressed concerns that the country’s ‘wait and see’ approach is snubbing its growth in the sectors of fintech, gaming, blockchain, and more.

In 2021, the Cabinet Legislation Committee had launched a crypto inquiry initiative. Citing findings from which, Bayly is suggesting the government to become more pro-active in its approach towards crypto.

“The cryptocurrency inquiry centres are of the view that New Zealand should take a more proactive and innovation-friendly approach to digital assets and blockchain (including cryptocurrencies). I therefore consider that the Government’s approach to digital assets should support industry development, whilst continuing to consider appropriate policy to manage these risks,” Bayly noted in a published coversheet. 

In 2022, data from the Financial Markets Authority (FMA) had said roughly 10 percent of New Zealand citizens, about 324,000 people, reportedly owned crypto assets. The stats showing how many people in New Zealand hold cryptocurrency has not officially been updated by the country since December 2022, it seems.

The country has not set in place any legal rules to oversee or regulate the crypto sector either. Not only does this keep the country’s crypto sector open for exploitation by miscreants, but also leaves the sector open to facilitate unlawful activities like money laundering and terror financing.

“The Committee launched the Scams Inquiry in 2022 following several high profile cases of digital and online scams which led to victims losing millions of dollars. The Committee was concerned about the impact these scams have on victims’ lives and wanted to understand how banking processes in New Zealand could better protect consumers,” Bayly’s coversheet added.

Overall, the minister has urged the government of New Zealand to take a pro-active approach towards exploring digital assets and blockchain. In addition, the country has also been advised to facilitate more public debate and to prompt further consideration and work by the government to ensure New Zealand is well placed to adapt to the opportunities, challenges, and risks associated with digital assets.

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Meta Records 16 Percent Uptick in 2023 Annual Revenue, Metaverse Unit Still Under Loss

Mark Zuckerberg, the chief of Meta (previously Facebook) recently disclosed revenue details about the company’s last quarter. Meta clocked a revenue of $40.1 billion (roughly Rs. 3,34,416 crore) between September and December. In total, the social media and Web3 mammoth managed to reel-in $134.9 billion (roughly Rs. 11,25,119 crore) in the year of 2023. On a yearly basis, Meta’s revenue has spiked by 16 percent. It is, however, interesting that Meta’s Reality Labs unit has only seen losses since 2021.

In an earnings report posted on March 4, Zuckerberg acknowledged having seen a good period revenue-wise. Despite his Reality Labs unit seeing losses, the tech mogul lauded the advancements this initiative has ushered in emerging advanced technologies.

“We had a good quarter as our community and business continue to grow. We’ve made a lot of progress on our vision for advancing AI and the metaverse,” the 39-year-old multi-billionaire said in his statement.

Zuckerberg solidified his commitment to explore the metaverse when he rebranded Facebook to Meta in 2021. At the time, a new unit was set up within the company called the Reality Labs. This special body was tasked with conducting research and development around metaverse and its use cases.

In the last three years, Reality Labs released metaverse and augmented reality (AR) hardware products like the Quest VR headset lineup to further the adoption of these technologies. As of March 2023, Meta has reportedly sold 20 million Quest headsets.

Despite its ongoing efforts however, Meta’s Reality Labs unit only met with losses when it comes to its revenues. Meta reportedly revealed in February that Reality Labs suffered a loss of $46.5 billion while generating nearly $11 billion (roughly Rs. 91,744 crore) in revenue in the fourth quarter of 2023.

Prior to that, Reality Labs had lost $13.7 billion (roughly Rs. 1,12,200 crore) in 2022.

Despite these financial consequences, Zuckerberg has kept his estimation about the upcoming metaverse boom intact. In May 2023, Meta had commissioned a study that claimed that the metaverse could contribute as much as $760 billion (roughly Rs. 62,36,088 crore) or about 2.4 percent to the US annual gross domestic product (GDP) by 2035.

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China Launches Public Blockchain Platform Despite Unfriendly Crypto Stance

China is accelerating efforts to establish a massive blockchain network, despite its strict anti-crypto stance. The goal is to allow the government of China to engage in blockchain-related activities, especially in a cross-border setting. The Chinese government has launched the ‘Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative’. Announced in 2013, China’s ambitious Belt and Road Initiative (BRI) is a development strategy for a global infrastructure through which it aims to connect continents across land and sea.

The project for the upcoming Chinese public blockchain platform is being spearheaded by Conflux Network, and the launch was announced on Sunday. A multichain blockchain system, the network is operated by the Conflux Foundation which is also called the Shanghai Tree-Graph Blockchain Research Institute.

The Conflux Network posted updates about the project on X (formerly Twitter), revealing that the platform would “provide the base for developing applications that showcase collaboration across borders.” Other details related to the project are yet to be announced.

This is not the first time that China is shown some interest in exploring the Web3 sector. The Chinese government recently hinted at its preparedness plan to address the growth of metaverse technology in the country.

In January 2024, the Chinese government set up a special body tasked with the responsibility of setting the standards for the use of the metaverse tech in China. This group consists of several Chinese tech majors including Tencent, Baidu, and Ant Group.

China also leads the Asian market in conducting CBDC trials into advanced phases with international banks such as Standard Chartered participating in the trials.

While Beijing imposed a blanket ban on crypto-related activities in September 2021 owing to electricity shortages, an underground network of crypto traders has managed to keep the trading operations running. A December 2023 report by Vietnamese investment capital firm Kyros Ventures claimed stablecoins are particularly popular in China with 33.3 percent of Chinese investors holding those digital currencies.

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Crypto Bull Run Spikes Number of Web3-Focussed Funds as Startups Swarm for Funding, Guidance

The crypto market valuation, for the first time since 2021, is close to its last all-time high of $3 trillion thanks to Bitcoin, ETH, and other cryptocurrencies undergoing a bull run. Startups looking to establish their name in the crypto sector are taking this bull phase seriously and are swarming towards accelerator programmes. Subsequently, the number of fund pools to financially aid early-stage Web3 startups have also risen in number over the last few weeks.

In a symbiotic relationship, accelerator and investment programmes provide Web3 startups with funding, mentorship, and industry guidance from experts – whereas these venture firms get the opportunity to have promising upcoming firms under their umbrellas.

Investment firm Andreessen Horowitz (a16z) was among the first whistleblowers to highlight the swarming of crypto firms towards accelerators programmes. In the last week of March, the venture firm that claims to have over $35 billion in assets – released a list of 25 Web3 startups that have gathered in London to be part of its Crypto Startup Accelerator Spring 2024 program (CSX).

After deliberating which startups to bet on, a16z shortlisted the 25 startups from eight different countries that include Israel, Japan, Poland, Romania, Switzerland, UAE, the UK, and the US.

“The founders of these 25 companies have an ambitious vision paired with the drive and talent to advance core sectors of the crypto ecosystem, including infrastructure, consumer apps, DeFi, payments, games, dev tools, and DePIN,” Jason Rosenthal, the Operating Partner and Head of Crypto Startup School at a16z’s crypto initiative published in a post on X along with the names of the selected startups and their fields of expertise.

Over the course of ten weeks, this programme from a16z will provide the startups with industry-specific resources and mentorship along with giving them a common ground for exploring collaborations with each other.

At present, the crypto market valuation stands at $2.67 trillion (roughly Rs. 2,22,68,721 crore). Bitcoin, which touched its new all-time high of $73,000 (roughly 60.8 lakh) in March – is estimated by many, including financial mammoths like Standard Chartered, to soon reach the price mark of $100,000 (roughly Rs. 83 lakh).

The use-cases of blockchains are also on a boom. Blockchains like Solana, Ethereum, and now Bitcoin are roping in newer Web3 projects everyday offering better security and scalability than Web2 server systems along with better cost effectiveness.

Market analysts predict a boom in Web3 activities in the near future, banking on which, more investment firms are launching investment and mentorship programmes for Web3-specific projects.

A group of venture capital firms like Pantera Capital, CoinFund, Spartan Capital and Sfermion have joined web3 gaming infra provider Helika in launching the Helika Accelerator programme last week.

“With total VC investment in Web3 gaming for 2023 estimated to be about $2.3B, this vertical is poised for colossal growth in 2024,” Anton Umnov, co-founder and CEO of Helika said in a statement.

Through this programme, startups developing blockchain gaming with elements of metaverse, NFTs, and cryptocurrencies can avail studios and a suite of tools for enhancing user acquisition, engagement, retention, and growth. Industry players will also educate selected startups in tokenomics expertise, chain selection, data analytics, marketing, and AI game management.

Web3 venture capital firm Hack VC is another platform to have launched a hefty funding of $150 million (roughly Rs. 1,250 crore) to pour it in young crypto and AI firms.

This increase in accelerator and investment programmes focussed on Web3 come as quite the relief for startups hoping to enter this arena. In 2022, as the world stepped into the post-Coronavirus era, banks in several parts of the world resorted to interest rate hikes to keep their economies from entering the inflation phase. That is when the crypto sector, like many others, underwent a funding winter. The situation is gradually changing.

Venture funding for crypto-related companies in the fourth quarter of 2023 amounted to $1.9 billion, as per data by PitchBook.

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India’s Diverse Bazaars to Democratise with Metaverse, Says BWA Chief; Hails Reliance and Nykaa

The metaverse technology seems to have a bright future in India, use cases of which are being foreseen in plenty by experts from the industry. In a recent conversation with Gadgets360, Dilip Chenoy, the chairperson of Bharat Web3 Association highlighted a special industrial use case of the metaverse. Chenoy said, the hyper-realistic visuals that metaverse supports – will democratise the diverse bazaar ecosystem of the country and give it a powerful nudge on a global level.

“AI-powered vendors will engage in negotiations digitally. Augmented Reality (AR) will allow you to virtually try on makeup, clothes, and accessories before making a purchase. This is not a distant reality; it’s the transformative potential the metaverse holds for Indian retail. In India, brands such as Reliance and Nykaa are at the forefront, experimenting with AR/ VR technologies to create virtual showrooms,” Chenoy told Gadgets360.

The upcoming time has been termed as an ‘era of transformation’ for India’s retail sector. As far as the growth projection for the sector is concerned, India’s value retail market, excluding food and grocery, will likely surge to $170 billion (roughly Rs. 14,09,495 crore) by 2026, reports citing findings by Wazir Advisors had claimed in January. In 2023, the valuation of India’s value retail sector stood at $111 billion (roughly Rs. 9,20,317 crore).

Chenoy has expressed confidence that ample availability of metaverse technology will contribute heavily to the growth of Indian bazaars and authentic crafts in nearing times.

“Geographical barriers crumble, providing small businesses in India with the opportunity to reach global audiences. As India enthusiastically embraces this digital revolution, the future of shopping promises to be both exhilarating and transformative,” the chief of BWA added.

India stands out globally with one of the largest Web3 developer workforces, several players from the industry including Coinbase CEO Brian Armstrong have applauded in recent years. Earlier this year, Mark Zukerberg’s Meta also reached out to the telecom regulator of India seeking to ramp up dialogues and discussions around the ethical use-cases and development of technologies like AI and the metaverse.

Under the circumstances, Chenoy says, all India needs is a regulatory clarification that finalises the dos and don’ts for members and stakeholders of the Web3 industry.

“The Reserve Bank of India (RBI) has taken a proactive stance by actively encouraging blockchain adoption in payment systems and guiding banks through its regulatory sandbox initiative. Despite the growing interest, regulatory uncertainty poses a hurdle for startups venturing into the space. Clear regulations and policies are imperative to instil confidence in companies exploring this transformative technology,” Chenoy noted.

The BWA came into existence in November 2022. It comprises of representatives from India’s crypto and Web3 space who collectively collaborate with the government to foster the growth of the sector in India.

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Metaverse in Healthcare Market Size Estimated to Reach Nearly $500 Billion by 2033: Report

Metaverse, the virtual universe created by Facebook parent Meta, is yet to take off but the technology is seemingly carving a niche in sensitive sectors like education and healthcare. The global metaverse healthcare market is projected to reach a valuation of nearly $500 billion (roughly Rs. 41,44,020 crore) by 2033. This figure has been estimated by market research firm Spherical Insights, which published its recent report on metaverse’s potential to boom in the healthcare sector in the next nine years. meta

According to the Spherical Insights report, the global metaverse in healthcare market size is growing at a compound annual growth rate (CAGR) of 49.3 percent from 2023 to 2033. The report, published last month, said that the worldwide metaverse in healthcare market size was expected to hit $496.26 billion (roughly Rs. 41,12,780 crore) by 2033. The metaverse healthcare market size was estimated at $8.97 billion last year. The report also noted that the Asia Pacific market was expected to grow the fastest during the forecast period.

The integration of metaverse into healthcare studies and research has the potential bring new and collaborative approaches in the sector, the report claimed. Navigating through futuristic surgical training methods and telemedicine can be made visually more explanatory via the metaverse technology.

The metaverse can also help healthcare professionals train and practice their skills in practical augmented and virtual reality sessions. The technology can also go a long way in aiding remote consultation and patient monitoring.

The report attributes the estimated growth to several factors like the increased usage of telemedicine in cases of remote patient consultations and patient monitoring for at-home care recipients and the rise in use of AR and VR technology in hospitals and clinics for surgical procedures. “Virtual reality (VR) and augmented reality (AR) technologies can enable more realistic virtual appointments, consultations, and examinations will boost the metaverse in healthcare market growth,” it said.

While the report by Spherical Insights estimates the metaverse healthcare sector to boom to a nearly $500 billion market, other market research firms like Towards Healthcare, and Research and Markets put out a more conservative estimate, with projected CAGR of 26.3 percent and 34 percent, respectively. The Tower Healthcare report estimates the metaverse in healthcare market size to cross $81.99 billion by 2032.

Medical companies and brands are already starting to establish themselves in the metaverse to become early adopters of this technology. Back in 2022 for instance, Hyderabad-based Yashoda Hospitals set up an experience zone in the Decentraland metaverse, claiming to become India’s first chain of hospitals to do so.

Built atop blockchain networks, metaverse ecosystems are fully functional virtual environments for people to work together, play games, and socialise as digital avatars from the privacy and comfort of their homes.

As per a report published by research firm InsightAce Analytic in October 2023, the coming together of the metaverse and the education sector is expected to be churning over $102 billion (roughly Rs. 8,48,980 crore) by the year 2031.

Researchers from the sector, however, have advised tech firms to bring their focus on producing affordable and advanced hardware capable of letting people explore the metaverse to its full potential.

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